Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2018 (8) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (8) TMI 2056 - NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - Winding-up against the Debtor Company was ordered or not - HELD THAT:- Initially the Hon’ble Bombay High Court had ordered for Winding-up of the Debtor Company and the said Order has been set aside by the Appellate Court. Hence, consequently the conclusion can be drawn that at present there is no Winding-up order is operative against the Debtor Company and therefore there is no legal hurdle to proceed in this matter in its own merits. While going through the submissions it is noticed that admittedly the Debtor has availed the Loan Facilities from the Financial Creditor however, the Debtor has defaulted in making the payment - admittedly the modalities for the restructuring of Debt had been agreed between the consortium of Banks and the Debtor Company. However there is nothing on record which will prove that the modalities agreements were acted upon / implemented by the Financial Creditors. Consequently any of one from the Consortium had not enhanced the facilities of the Debtor. As the agreements were not acted upon the amount of Debt has never been restructured and therefore there is an existence of debt and the Debtor Company is liable to make the payment to the Financial Creditor - there is no dispute about the existence of default and the default is also evident from the order of DRT, Ahmedabad. On the basis of the evidences on record the Financial Creditor has established that the loan was sanctioned and duly disbursed to the Corporate Debtor but there is non-payment of the Balance Debt on the part of the Corporate Debtor - keeping admitted facts in mind that the Financial Creditor had not received the outstanding Debt from the Corporate Debtor and that the formalities as prescribed under the Code have been completed by the Financial Creditor this Petition deserves ‘Admission’. Petition admitted - moratorium declared.
|